Bitcoin analysis for 05/09/2018

Bitcoin analysis for 05/09/2018

Colombia is going to become another country that, like Malta, is a strong leader in Blockchain and virtual currencies. With the development of the cryptocurrency and Blockchain industry, an increasing number of nations began to put emphasis on both sectors. The most important of these is the small island state, Malta, which quickly emerged in the world’s forefront when it comes to crypto. Officials have successfully encouraged many of the leading exchanges to establish a seat on the Mediterranean island, while Parliament approved in July three bills to make Malta the first country to establish “legal certainty” for the cryptocurrency field.

The cryptographic craze has also spread in South America. The newly elected president of Colombia, Ivan Duque, has expressed great interest in innovative technologies, and officials across the country seem to be very interested in Blockchain technology and virtual currencies. President Ivan Duque presented some important comments at the ANDICOM conference, which takes place each year in Colombia. According to the local El Tiempo newspaper, President Duque explained that his “obsession” as president would make Colombia a technological leader in the region, and added that the government would appoint a clerk focused on issues related to digital society. He noted that technologies such as Blockchain can be used to overcome corruption by helping to guard public funds. The president also said that companies in the information and communication technology industry will be exempt from taxes for the first five years if they can generate a certain number of jobs. This right would probably apply to companies related to cryptography and Blockchain.

Let’s now take a look at the BTC/USD technical picture at the H4 time frame. Another local high was made at the level of $7,376, but it is worth to notice, the momentum is not that strong anymore, so the strength of bulls is slowly weakening. It is possible, that the bears will try to push the prices a little lower, so the corrective cycle might occur. The nearest support is seen at the level of $7,300 and then at the level of $7,176. Please notice, the price is still trading inside of the channel, so the short-term outlook still remains bullish.

 

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